The insurance sector in Cyprus has recorded ups and downs when it comes to market shares with Allianz Insurance Company suffering the biggest loss last year.
Specifically, lost gross premiums in the General Sector stood at 47.7% between the first quarter of 2018 and that of 2019. Allianz’s losses were the biggest in comparison with other insurance companies operating in the General Sector.
The same applies to the Life Sector where Allianz also recorded a significant decline of 170%, although the company’s overall premiums in this sector are much lower than in the General one.
Specifically, Allianz’s general insurance premiums in the first quarter of 2018 amounted to €4.2 million while in the first quarter of 2019 these were reduced to €2.2 million, according to the Insurance Association of Cyprus.
An Allianz company source told INSIDER the main reason behind this substantial fall is the recent termination of contracts between Allianz and SEDIPES – the asset management company set up to dispose of the defunct Cooperative Bank of Cyprus. This development has led to a significant decrease in premiums production.
The same source pointed out that their goal is to further strengthen Allianz’s presence in the Cypriot market through the provision of high quality services.
“The Cypriot market is of particular interest to us and the reason why we set up a branch in Nicosia in 2018. Allianz provides a wide range of insurance products and services that meet the needs of different market sections and we aim to further exploit the expertise of the Allianz Group in big and specialised risks that concern both small and large businesses,” added the source.